The Xbox gaming console has been long overdue for a major update. Microsoft is finally expected to launch its next-generation gaming console — the Xbox 2: Project Scorpio — in 2017. The device is expected to be the company’s most powerful gaming console ever, and is said to be even more powerful than the PlayStation 4 Pro.

The device will reportedly be launched by 2017-end as hinted by Phil Spencer, head of gaming department at Xbox, at E3 2016 in June.

Here are five expected features of the Xbox 2: Project Scorpio.

4K games compatibility: The console is expected to support 4K gaming along with full Windows 10 integration. Microsoft is expected to come out with 4K versions of the existing Xbox One titles.

VR compatibility: Microsoft has already ventured into VR with its HoloLens and the Xbox 2 will reap benefits from this. The console is expected to be VR-ready and will allow players to access standard PC games in VR.

Powerful GPU: At the core of the gaming performance of any console is its Graphics Processing Unit (GPU). Xbox 2 is expected to come with 6 teraflops of GPU to support VR and 4K gaming, which will make it one of the most powerful gaming consoles. It is also expected to come with an AMD Vega CPU and 5GB DDR5 RAM.

Xbox One content compatibility: Xbox 2 is expected to be compatible with Xbox One content. But as Microsoft will be scaling up games post its release, Xbox 2-specific games might not be compatible with Xbox One.

Console cost: The console was earlier expected to be priced in the range of "high-end" PCs, but Spencer recently confirmed that it will be priced like a regular gaming console — it is estimated to cost $500-$600.